March 1, 2012, 3:38 p.m. EST
Oil tops $110 amid talk of Saudi pipeline fire

SAN FRANCISCO (MarketWatch) -- Oil futures broke through $110 a barrel in electronic trading after the close of New York floor trading Thursday. Oil for April delivery CLJ2 -0.33% rose as high as $110.55 and recently traded up $1.11, or 0.9%, from its Thursday settlement of $108.84 a barrel. PFG Best oil analyst Phil Flynn said traders were running up oil prices on reports of a Saudi pipeline fire. An Iranian state-run broadcaster reported an explosion in the city of Awamiyah but provided few details. Darin Newsom, senior oil analyst at Telvent DTN, said headlines on a Saudi pipeline "sparked a surge in the market that triggered buy stops."

con. http://www.marketwatch.com/story/oil-to ... 2012-03-01

Things that make you go hmmmm.....

Freak car crash shuts down major U.S. oil pipeline

excerpts

A major oil pipeline will be shut down for several days after a spill and fire near Chicago caused by a freak car accident.
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The downed Enbridge Line 14/64 pipeline normally transports 317,000 barrels of oil a day along Enbridge's Lakehead System, which is the largest crude oil pipeline to the U.S. from the U.S.'s largest supplier, Canada.

The outage could worsen an already constrained oil distribution system between Canada and the U.S. and send the prices for Canadian oil lower. Canada's access to buyers in the U.S. has been limited as storage and refining space in the Midwest has been filled by surging production in Canada and the western U.S.
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It's not immediately clear what caused the car accident, which was in an isolated area in an industrial park.
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"It was an unusual occurrence--the station was isolated and nowhere near a major highway," Damron said. Most of Line 14/64 is underground--the cars hit a roughly 30- to 40-foot section that is above-ground and surrounded by chain link fence, he said.

http://www.marketwatch.com/story/freak- ... 2012-03-04

Is this weird or am I weird? Something's not quite right here...